China has had a remarkable period of rapid growth shifting from a centrally planned to a market based economy. Today, China is an upper middle-income country that has complex development needs, where the Bank continues to play an important development role.
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Results-Based Financing (RBF) is a
concept comprising a range of public policy instruments,
whereby incentives, rewards, or subsidies are linked to the
verified delivery... Show More + of pre-defined results. RBF is often used
to enhance access to and delivery of basic infrastructure
and social services, such as water and sanitation, energy,
and health care. In most cases, the funding entity typically
a government, development agency, or other agent deals
directly with the service provider. Some of the better known
RBF approaches include output-based aid (OBA) (GPOBA 2011),
conditional cash transfers, carbon finance, and advance
market commitments (AMCs). Unlike traditional public
procurement, which uses public resources to purchase the
inputs and contract service providers to deliver them to
users, the RBF approach uses private-sector resources to
finance the inputs and service delivery and public resources
to reimburse the service provider upon delivery of the
pre-defined results. Show Less -